Little help in getting a loan with credit card

tonypop

I would like to get a credit card with a long 0% interest rate.

Say I want to borrow £1000 from the credit card and transfer it into my current bank account (is this a balance transfer??),without paying any heavy fees or intrest,and around 12-15 months to pay it off, which is the best card for me?? Hope it makes sense.

Any help would be greatly appreciated??

Tony

somethingcorporate

You need a super balance transfer card to transfer across to your bank account:

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Tixy

somethingcorporate wrote: »

You need a super balance transfer card to transfer across to your bank account:

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Just to add - this article is a bit out of date. In addition to MBNA cards you can also do a money transfer with a post office card, or there is a way to do it with an M&S card buy buying travellers cheques on the cards.

http://www.stoozing.com/sbt.php

tonypop

Thanks guys, as I said Im just looking to borrow £1000, and clear it over the year,but this doesn't mean I need to have two credit cardsdoes it? ie,one to transfer funds to the bank account then another to clear it off the first card!!;)

Tixy

One card - providing its one that will do a money transfer to your current account with a % deal (such as the MBNA platinum).

You'd only possibly need 2 if you couldn't get a % card that does money transfers, but that option will be more complex and cost more.

YorkshireBoy

Tixy wrote: »

there is a way to do it with an M&S card buy buying travellers cheques on the cards.

Which is by far the cheapest option (at a cost of 1%, or £10 on your £1K sum for 15 months 0%), depending on who you bank with?

tonypop

Ahhh becoming much clearer now!! the MBNA card sounds like it should do the job!!

The M&s seems a little more complicated.

YorkshireBoy

tonypop wrote: »

The M&s seems a little more complicated.

It's also £30 cheaper than MBNA! Plus, there's 0% on purchases for 15 months. Plus cashback (in the form of M&S vouchers) as well.

Ooh look...there's £30 on the floor over there. Nah...leave it. Let someone else have it.

tonypop

lol I like your thinking,however isn't it a little more difficult to use, I mean does it work the exact same way as the MBNA? Sorry for seeming really daft,never bothered with a credit card before.

YorkshireBoy

• Get the M&S card
• Buy Sterling travellers cheques from M&S with the M&S card (in-store bureau de change, or order online/by phone)
• Pay cheques into your current account* and wait 4 days for them to clear
• Spend the money!

* Some banks won't accept them. Others make a small charge. The rest will cash them free. Which is why I asked earlier who you banked with.

tonypop

YorkshireBoy wrote: »

• Get the M&S card
• Buy Sterling travellers cheques from M&S with the M&S card (in-store bureau de change, or order online/by phone)
• Pay cheques into your current account* and wait 4 days for them to clear
• Spend the money!

* Some banks won't accept them. Others make a small charge. The rest will cash them free. Which is why I asked earlier who you banked with.

I see, well Im with Bank of Scotland/Halifax so will need to see if they charge to do this,appreciate your simple advice. Thanks